Reinsurance firm PartnerRe yesterday announced profits of $162.3 million for the fourth quarter of last year — more than $100 million down on the same period in 2014.

The profit for the full year was just $47.6 million — put down to the $315 million termination fee paid to Axis Capital after the latter firm lost a bidding war with Italian investment firm Exor for PartnerRe last year and net after-tax realised and unrealised losses on investments of $261.4 million, or $5.46 per share.

The profits figure for the last quarter is equivalent to $3.30 per share and includes net after-tax realised and unrealised losses of $22.8 million on investments or 46 cents per share.

That compares to profits of $262.7 million or $5.26 a share for same quarter of the previous year.

Emmanuel Clarke, president of PartnerRe, said: “I am very pleased with the strong financial results we achieved in 2015, particularly given the very challenging reinsurance and financial market dynamics, as well as the transaction-related activity that occupied much of the year, concluding in PartnerRe beginning the transition to private ownership under Exor.”

He added: “All of our operating units performed well resulting in a full year operating return on equity of 10.7 per cent.”

The company last week announced its results for non-life treaty renewals, which accounts for about two-thirds of its total non-life treaty business.

Mr Clarke said: “Our excellent underwriting teams and resilient franchise made it possible to access and renew a high-quality portfolio, with renewal premium volume down just 5 per cent, as anticipated and planned for in this increasingly competitive market.

“As we near the close of the transaction with Exor, which we still expect to occur in the first quarter of 2016, the PartnerRe franchise is as strong as ever.”

Net premiums written for the last quarter of 2015 were down 13 per cent to 41.1 billion.

For the full year, net premiums written amounted to $2 billion, down 9 per cent on 2014.